The Ministry of Electronics and Info Know-how (MeitY) has introduced the “Fintech Innovation Problem” for implementation of concession on GST part of funds made by means of digital modes resembling, RuPay (Debit card) and BHIM UPI. The MeitY Startup Hub has offered an issue assertion for which an modern resolution must be invented by individuals.
“Implementation of low cost/cashback as a share of GST quantity to the buyer on transactions made by means of RuPay (Debit card) and BHIM UPI, topic to a ceiling of Rs.100,” says the Meity web site. The problem will probably be performed in three phases, that are as follows:
- In Stage-1, the main focus will probably be on the concept and design
- Stage-2, the main focus will probably be on detailed implementation technique
- Stage three Proof of Idea (POC) to check or confirm the performance of the proposed resolution
MeitY says that the answer needs to be proposed protecting in view the current fee ecosystem. At present, retailers are utilizing diversified options for accepting digital funds with numerous billing choices. A few of the pattern eventualities prevailing within the service provider ecosystem are as follows:
- Built-in billing and fee software program
- Billing software program with or with out POS/different digital fee acceptance mode
- POS/different digital fee acceptance mode system for fee however no billing resolution
- No billing or fee resolution
Who Can Take Half within the MeitY Fintech Innovation Problem?
The Fintech Innovation Problem is open to Indian nationals who’re above 18 years of age. The open to everybody together with college students, people, teams of people, startups and Fintech corporations. Winners will obtain certificates from MeitY; Rs 1 lakh money prize for 3 winners from stage 2; and Rs three lakh money prize for will probably be given to the entries who efficiently exhibit their PoC as required by the analysis committee. Purposes for the problem will probably be obtained till 28 February 2020. These are suggested to undergo the official Meity web site intimately for extra info: https://www.meitystartuphub.in/?